By Josh Lawler and Joel B. Ginsberg of Zuber & Taillieu LLP
The U.S. Court of Appeals for the Second Circuit dismissed a putative antitrust case relating to short sale transactions on the grounds that federal securities laws precluded the application of antitrust laws to short sale transactions. The case, Electronic Trading Group LLC v. Banc of America Securities LLC (aka In… More...
The Division of Corporate Finance (“DCF”) of the Securities and Exchange Commission (“SEC”) has issued a no-action letter to Amerisure Mutual Insurance Company, a Michigan mutual property and casualty insurance company (“AMIC”) in connection with AMIC’s proposed reorganization from a mutual insurance company to a stock insurance company (“SIC”) ultimately controlled by a mutual insurance holding company (“MIHC”) through an intermediate holding company (“IHC”). More...
In this no-action letter, the Division of Investment Management (“Division”) of the Securities and Exchange Commission (“SEC”) held that it will not recommend enforcement action to the SEC under Rules 204-2(a)(7), 204-2(b)(3) and 204-2(g) under the Investment Advisers Act of 1940 (the "Advisers Act") against an investment adviser registered under the Advisers Act ("Adviser") that subscribes to a Recordkeeping Service (as defined below) provided by Omgeo LLC ("Omgeo") if trade confirmations are made and kept in the manner stated in its request letter for relief.
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The U.S. Securities and Exchange Commission (“SEC”) has issued an investor alert relating to its determination that the State of California’s recently issued IOUs are “securities” and therefore those holding the IOUs are entitled to protections provided under federal securities laws. More...
The Securities and Exchange Commission (“SEC”) has granted an application filed by IndexIQ ETF Trust, IndexIQ Advisors LLC and ALPS Distributors, Inc. to permit (a) series of registered open end management investment companies whose portfolios will consist of the component securities of certain domestic and international equity securities indexes to issue shares (Shares) that can be redeemed only in large aggregations (Creation Units); More...
The Securities and Exchange Commission (“SEC”) has taken further action to help increase the transparency of credit default swaps (“CDS”) by approving conditional exemptions that will allow the Chicago Mercantile Exchange Inc. (“CME”) to operate as a central counterparty (”CCP”) for clearing them. More...
The Securities and Exchange Commission ("SEC") has issued an order granting an application filed by Boulder Total Return Fund, Inc., et al. under Section 6(c) of the Investment Company Act for an exemption from Section 19(b) of the Act and Rule 19b-1 under the Act. More...
The Securities and Exchange Commission ("SEC") has issued an order has been granting an application filed by The Zwieg Total Return Fund, Inc., et al. under Section 6(c) of the Investment Company Act for an exemption from Section 19(b) of the Act and Rule 19b-1 under the Act. More...
The Securities and Exchange Commission ("SEC") has issued a no-action letter to BATS Exchange, Inc. ("Exchange"), granting its request for an exemption from disclosure requirements imposed by Rule l0b-10(a)(2)(i)(A) of the Securities Exchange Act of 1934 ('Act"). More...
The Securities and Exchange Commission ("SEC") has approved a proposed rule change (SR-OCC-2007-16) submitted under Rule 19b-4 by the Options Clearing Corporation (OCC") that amends OCC's rules relating to the submission of late items and the fees associated with filing exercise notices after the start of critical processing. More...
The Securities and Exchange Commission ("SEC") will not recommend an enforcement action against Reserve New York Municipal Money-Market Trust-New York Municipal Money-Market Fund (the "Fund') and the affiliate of the shareholder of the Fund that holds more than 5% of the Fund's outstanding shares ("Purchaser") if the Fund and the Purchaser enter into specific transactions. More...
